JSW Energy (533148) Q1 26/27 earnings summary

Executive summary

• Achieved record capacity addition of 1,081 MW in Q1 FY27, with cumulative YTD additions reaching 1.1 GW and renewables now at 61% of the portfolio.

• Commissioned 150 MW Tidong Hydro ahead of schedule and operationalized wind blade manufacturing facility, enhancing backward integration.

• Raised ₹10,150 Cr in growth capital, including QIP, promoter allotment, and JSW Steel stake sale, providing a liquidity cushion of ₹12,880 Cr.

• Signed agreement to acquire Maruti Clean Coal & Power (300 MW thermal) and increased stake in Toshiba JSW Power Systems JV.

• Net generation declined 5% YoY to 12.9 billion units due to weak hydrology and one-off thermal outages.

Financial highlights

• Q1 FY27 consolidated revenue at ₹5,437 Cr, flat YoY; EBITDA up 2% YoY to ₹3,103 Cr; EBITDA margin at 57%.

• PAT for Q1 FY27 at ₹533 Cr, down 36% YoY, mainly due to higher depreciation and finance costs from new capacity.

• Cash PAT at ₹1,464 Cr, down 7% YoY; Net Debt to TTM EBITDA improved to 4.95x from 5.2x in FY26.

• Cash and cash equivalents stood at ₹12,880 Cr as of June 30, 2026.

• Receivables DSO at 65 days.

Outlook and guidance

• On track to deliver FY27 target of 3 GW capacity addition and ₹20,000 Cr CapEx, with 99% of required land and connectivity secured.

• Vision to reach 30 GW total power generation capacity by 2030 and targeting 40 GWh energy storage by 2030, with 29.6 GWh already locked-in.

• Committed to keeping net leverage below 5x by 2030.

• Renewable and wind PLFs expected to recover in H2 as monsoon normalizes.